HomeContributorsTechnical AnalysisXAU/USD Analysis: Slightly Recovers

XAU/USD Analysis: Slightly Recovers

Gold began Tuesday’s trading session in a calm manner, thus fluctuating between the 100– and 200-hour SMAs for several hours. However, the bearish sentiment eventually took over, and the pair dashed through the 100– and 55-hour moving averages, the weekly and monthly PPs, the 23.60% Fibo retracement, as well as breached the dominant two-month channel up. As a result, the yellow metal closed the session with a 1.19% decline.

The rate bounced off the weekly S1 on Wednesday morning and was moving towards a massive resistance cluster formed by the previously-breached levels. It is likely that this area is reached today for the pair to make a retracement from the bottom channel line; however, its subsequent fall is unlikely to change the overall price level within the following 24 hours.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Featured Analysis

Learn Forex Trading